Lưu trữ cho từ khóa: Crypto Wallet

DeFi

Web3 wallets: The digital payment solution for the next billion users | Opinion

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The swift integration of digital payments has positioned web3 wallets as a central component of today’s financial ecosystem. In light of Thailand’s $13 billion digital wallet initiative, the question of how to build secure and scalable web3 wallets has become more urgent than ever. Are current web3 wallets truly ready for mass adoption, and what are the ways to address some of the most significant challenges in the space?

The expansion of wallet use cases

Web3 wallets, often regarded as gateways to the decentralized world, are evolving fast. Initially, their main use case revolved around storing and transferring cryptocurrencies. However, their utility now extends far beyond that. Non-custodial wallets are transforming the concept of ownership and control, empowering users to directly manage their digital assets, tokens, and even NFTs. They are becoming essential for DeFi, iGaming, and even governance voting within DAOs.

As these use cases expand, so does the adoption of web3 wallets. And Bitget Wallet’s rapid growth might be a good indicator of this trend. A significant factor in this growth has been Bitget Wallet’s web2 integrations, which boosted its monthly active users to 12 million, and tap-to-earn games, which have attracted a large audience by implementing wallet features directly into engaging mobile games. This has proven to be a major driver of adoption, particularly for regions where traditional finance is limited. 

Challenges to adoption

Along with the growth, web3 wallets face significant hurdles when it comes to mass adoption. One of the most prominent challenges is security. A CertiK report recently revealed over $1.84 billion in security incidents tied to wallet vulnerabilities. While offering enhanced control, non-custodial wallets also place the security burden directly on users. It presents a high-risk scenario, particularly for individuals who are not technically savvy.

Implementing keyless multi-party computation technology is one way to address these issues. The upgrade eliminates the storage of private keys on any device or server, reducing the risk of hacking significantly. MPC provides a robust security layer without sacrificing convenience, as it distributes the control of private keys across multiple parties.

Another feature to tackle security concerns head-on is a self-custody model. Users maintain full control over their private keys, ensuring they, not third parties, are responsible for their assets. This self-custody feature is critical in empowering users, as it reduces the reliance on intermediaries and centralized custodial services that are prone to hacking. Users can trust that their assets are fully under their control, enhancing both security and user confidence.

Additionally, the incorporation of established web2 platforms like Telegram for user onboarding displays an innovative strategy for bridging the gap between web2 and web3. This kind of integration lowers the entry barriers, making it easier for new users to transition into the world of DeFi with no need for a comprehensive understanding of the complexities behind blockchain technology.

While scaling quickly to meet growing demand, especially as digital payments gain traction globally, wallets must ensure that their security measures remain ironclad. The ease of use and security often exist in a trade-off. Wallets that emphasize user-friendliness may risk cutting corners in security. On the other hand, more secure wallets often require a level of technical expertise that can be a barrier to mainstream adoption. Striking a balance between these two factors is critical for the long-term success of web3 wallets. 

What comes next?

Looking forward, the future of web3 wallets will depend on their ability to continue evolving in line with the broader adoption of digital assets and payments. Web3 wallets will need to be both scalable and secure to meet the needs of a diverse, global audience. The path forward will likely involve further innovations in security, including the wider adoption of MPC technology, as well as efforts to make web3 wallets even more accessible to non-crypto natives. 

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Theo Crypto News

Phân tích

Quant, Cardano prices rise as wallet activity spikes: Santiment

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Cardano and Quant prices drifted upwards on Sunday, Sep. 8 as the recent crypto sell-off eased a bit.

Quant (QNT) token rose for the second consecutive day, reaching a high of $70, its highest swing since Aug. 26. It rose by over 23% from its lowest point last week but remains 54% below its highest point this year.

Cardano and Quant have higher wallet activity

Cardano (ADA) rose to $0.3390, much higher than Friday’s low of $0.30. Like other coins, it has dropped by almost 60% from the year-to-date high.

These tokens rose slightly as Bitcoin’s (BTC) sell-off moderated. After falling to $52,900 on Friday, Bitcoin bounced back to $54,500 on Sunday as some investors bought the dip. In most periods, altcoins tend to track Bitcoin’s movement.

Cardano and Quant prices also rose as data shows heightened address activity. According to Santiment, this indicates that some investors are accumulating, and that often leads to a rebound.

Another evidence is that Cardano’s open interest in the futures market is rising. Data by CoinGlass shows that its open interest rose to $177 million on Sunday, the third consecutive day of gains.

It was slightly higher than Friday’s $167 million. Cardano’s active addresses have also risen to over 31,000, according to DeFi Llama.

Similarly, Quant’s futures open interest went parabolic, reaching a high of $12.15 million, its highest level since June 7, and much higher than last week’s low of $6.50 million. 

Quant futures open interest | Source: CoinGlass

Futures open interest is an important metric in the financial market because it shows the volume of unfilled orders. 

Quant, Cardano: Big players in crypto

Cardano and Quant are some of the biggest players in the crypto industry. Cardano, with a market cap of $12 billion, is the 11th coin and its goal is to become the best alternative to Ethereum (ETH). 

However, over the years, the network has struggled to attract developers and users. As a result, it only has a handful of DeFi dApps and a total value locked of $191 million. This makes it smaller than other newer layer-1 and layer-2 networks like Arbitrum and Sui.

The developers recently launched the Chang hardfork, which its developers hope will lead to more activity.

Quant is a different network that helps companies build blockchain-enabled applications, especially in the payment services.

It is often seen as one of the top players in the fast-growing industry of Real World Asset tokenization, helped by its overledger technology.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Why a memecoin nearly broke the Toncoin blockchain?

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The TON blockchain went down twice within 36 hours due to an unexpected spike in transaction volumes driven by the sudden popularity of a new memecoin called DOGS. The heavy traffic caused by DOGS transactions overwhelmed the network, leading to concerns about the blockchain’s capacity to handle high volumes of activity and its overall stability.

The TON blockchain recently faced two significant outages, both linked to the sudden release and popularity of the DOGS memecoin. The first disruption occurred on 27 August 2024, when block production halted at 23:00 UTC and did not resume until 05:30 UTC on 28 August, leading to a six-hour downtime. The second disruption began on 28 August 2024 at 19:19 UTC, lasting over four hours.

Both outages were triggered by the overwhelming demand generated by the DOGS token, which led to a massive increase in transaction volume on the network. In just 48 hours, TON processed a staggering 20 million transactions, overwhelming the system to the point of breaking the blockchain. The DOGS memecoin, inspired by Telegram’s mascot Spotty, launched a large airdrop that caused congestion, and the heavy load from the token minting further strained the network during the second disruption.

Several validators were unable to clean the database of old transactions, which means they struggled to remove outdated transaction data effectively. The inability to clean up the database led to a loss of consensus among validators, as they couldn’t process new transactions correctly or maintain synchronized records of the blockchain’s state.

The underlying issue with the Toncoin network, such as many blockchain networks, relates to scalability challenges, particularly with sharding. When a blockchain network uses sharding to scale, it splits the network into smaller parts called “shards.” Each shard handles a portion of the overall transactions, which helps the network process more transactions at once. 

However, shards need to communicate with each other to stay in sync. For example, if one shard processes a transaction that affects data in another shard, the two shards must exchange messages to update their records accordingly. The messages ensure that all shards have the correct and up-to-date information.

When there isn’t much activity on the network, the communication works fine. However, during high traffic, when many transactions are happening simultaneously, the number of messages exchanged between shards increases dramatically. Processing all the messages becomes overwhelming for the network, leading to delays, slowdowns, or even failures in keeping the shards synchronized. As a result, the system is unsustainable, as the network can’t handle the volume of communication required to keep everything running smoothly.

The concept of execution isolation offers a more efficient solution to the problem. Instead of constantly communicating between different parts of the network (shards), execution isolation allows each part to handle its own transactions independently. This reduces the need for constant back-and-forth communication, which can slow things down when there’s a lot of activity.

Appchains, also known as application-specific blockchains, take this idea even further. They are specialized blockchains designed for specific tasks or applications. By focusing on just one type of activity, appchains can manage traffic more effectively and avoid the issues that come from trying to do everything at once on a single network. Examples of appchains include Polkadot Parachains, Cosmos Zones, Near Protocol Sharded Chains, Polygon Supernets, and Avalanche Subnets.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News